Raw materials
Oil conveyor group opec+ further screws production from July
The cartel controls around 40 percent of global oil production. A core group around Saudi Arabia and Russia sets the tone and gradually turns on the oil taps.
A core group of the Oil Cartel Opec+ continues their expansion of the funding quantities in summer. The eight countries, including Saudi Arabia and Russia, will increase their joint daily production in July by 411,000 barrels (159 liters each), it said in a message after an online meeting of the group.
This decision was “hit in view of the stable global economic forecasts and the currently healthy market foundations”, the group said. In the past few months, the eight countries had already decided to increase 411,000 barrels for May and June. The latest step had already been expected and should therefore not have a significant impact on oil prices before the decision.
Opec+ last produced 40.9 million barrels daily
Opec+ combines the organization based in Vienna in Vienna (Opec) under the leadership of Saudi Arabia with cooperation partners such as Russia. Together they are responsible for around 40 percent of global oil production. According to the recent data in the group, the Opec+ produced around 40.9 million barrels a day in April.
In recent years, the eight core states of the cartel had throttled their production by 2.2 million barrels (159 liters each). Since April, the group has started to reverse these cuts step by step.
dpa
Source: Stern
